Banks face increasing costs and changes to their software to comply with a slew of amendments to financial and business legislation, according to the Chairman of the Guyana Bank for Trade and Industry, Robin Stoby SC.
In his Chairman’s address in the bank’s annual report for 2016, Stoby said the amendments and new regulations have been “pushing up operational and compliance costs to record levels – costs that in the main have not been previously passed on to our customers”, he said.
